BitYard Crypto Exchange Review
What is BitYard Exchange?
Launched in 2019, BitYard is a digital asset trading platform that offers users the opportunity to exchange crypto assets. The exchange is based in Singapore and licensed under Singapore’s Accounting and Corporate Regulatory Authority (ACRA). BitYard also has a license issued by the Register of Economic Activity (MTR) in Estonia – allowing it to operate in the country. In Australia, it is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). In addition, the platform also has a USA granted Money Service Business license from the Financial Crimes Enforcement Network which is a bureau of the United States Department of the Treasury.
BitYard offers spot, futures and OTC trading. The platform is also popular for its strong copy trading features. The platform is accessible on desktop and mobile on both iOS and Android devices. The service is available in more than 150 countries worldwide. Users are able to buy and sell digital currencies including Bitcoin, Ethereum, USDT, LINK,DOT, AAVE, COMP and so much more.
Getting Started on BitYard Exchange
Registering on BitYard is a simple and straightforward process. All a user needs to do is to provide an email address or mobile number, enter the verification code and set up a password for security.
To make a deposit to BitYard, a user can select the crypto asset that they wish to deposit under the assets section of the website and also select which blockchain network they wish to process the deposit using.
Following this, a QR code and deposit address is displayed, which the user can scan and deposit into that particular wallet address. BitYard does not charge any deposit fee, only withdrawal fees. The exchange charges approximately 0.8 USDT for BSC; 24 USDT for ERC-20; and 1 USDT for TRC-20 blockchain networks.
Even though traders are not required to KYC in order to register and/or use the BitYard platform, when trying to buy crypto with fiat on BitYard, users are subject to the KYC verification process with the third party fiat gateway providers that make it possible to make crypto purchases on BitYard using fiat. Once a user has been verified, they are able to purchase the digital assets of their choice and have the balances credited to their respective wallets on the BitYard exchange.
Typically, it takes 2-3 hours for the deposits to reflect in the users’ exchange wallets. Deposits of crypto directly to BitYard reflect much quicker, subject to the blockchain network used. For new users, cryptocurrency deposits may take up to one day. The fiat gateway partners BitYard uses include Banxa, Transak, Ramp, among others. These fiat on-ramps support more than 50 major fiat currencies including USD, EUR, GBP, ZAR, NGN, KES, JPY, AUD, INR, and so many more. Supported payment methods include: cash deposits, EFT, Visa and Mastercard credit and debit cards. Users should be aware that most service providers will generally charge transaction fees for crypto purchases even though BitYard does not charge a fee. Also it is important to note that although users can buy crypto using fiat on BitYard, they cannot withdraw fiat, only crypto.
Trading on BitYard Exchange
BitYard’s spot market offers traders numerous crypto trading pairs and the ability to execute limit and market orders. The platform also offers contracts for difference (CFD) trading directly with the broker, which is meant to provide better liquidity. A user can simply select a crypto pair to trade and enter the leveraged amount before entering the amount in a limit order and selecting ‘buy’. Traders can also choose the overnight option in order to hold their positions overnight and set profit and stop-loss orders.
Leverage and margin options are available to BitYard users. Perpetual futures (Inverse) are offered on BitYard and make it possible for users to make use of digital currencies such as BTC, ETH as base currencies. The amount that the user wishes to be traded is confirmed in USD, but the profit and loss are settled in the base currencies.
Leverage and margin options are available to BitYard users. Perpetual futures (Inverse) are offered on BitYard where users can use digital currencies such as BTC, ETH as base currencies. The amount that the user wishes to be traded is confirmed in USD, but the profit and loss are settled in the base currencies.
Copy Trading on BitYard Exchange
BitYard’s copy trading feature allows users to copy experienced traders based on their style, short-term, long-term, profit rate, trading days, etc. and can do so with a simple one-click option. If a user chooses to copy another trader, it means that they do not need to open or close positions themselves.
Traders who are followed can also make additional income by charging a percentage of share from their follower’s profit. Getting started with copy trading is relatively easy. Users simply need to decide the amount to copy and the daily copy margin limit. Advanced options are also available and they include allowing the user to choose their maximum position amount and stop loss ratio.
Advantages of Using BitYard Exchange
Mobile trading app for Android and iOS devices.
Simple and easy to use trading interface.
No KYC is required in order to start trading on the platform.
BitYard offers a welcome bonus to attract new users to the platform. Users can get free crypto for actions such as completing KYC.
Low minimum deposit amounts.
Bityard does not generate asset prices but instead uses the K-line weighted average to extract data from major crypto exchanges including OKEx 40%, Binance 30%, and Huobi 30%, in order to get the most accurate digital asset prices.
The platform offers margin trading with leverage up to 100x.
With BitYard users can enjoy zero spreads, no slippage cost and no clawbacks.
The exchange is considered safe as it has no history of hacks and features anonymous trades, 2FA, multiple offline signatures, real-time risk audits, cold storage of assets, etc.
BitYard has partnerships that allow it to provide more benefits to users. For instance, their partnership with Paxful means that users of BitYard can now buy Bitcoin with more than 150 fiat currencies and also have access to over 300 different payment options to purchase crypto assets.
Users of BitYard can refer others and earn passive income through a 40% trading fee kickback from the fees charged to the users that they refer when they trade on the platform. They also have real-time settlement of commission.
The trading platform offers charting tools for technical analysis.
BitYard is a licensed exchange in several jurisdictions.
There’s a demo trading option for beginners who want to practice executing their trading strategies without putting their funds at risk.
Users can earn BYD which is BitYard’s exchange token which can help them get reduced trading fees. The token can be earned through one-click mining and play-to-earn.
Disadvantages of using BitYard Exchange
At present, the withdrawal options on BitYard are limited since the platform does not allow fiat withdrawals, only deposits.
Users in certain countries cannot access the platform including those in Afghanistan, Somalia, South Sudan, Sudan, Central African Republic, Guinea-Bissau, Iran, Iraq, North Korea, Liberia, Congo, Côte d’Ivoire, Cuba, Eritrea, Libya, Panama, Rwanda, Ukrainian Crimea, Yemen, and Zimbabwe.
BitYard Exchange Trading Fees
BitYard charges 0.1% as the maker and taker fees.
The conversion transaction fees are between 0.1%~0.15%
For CFDs, the transaction fee is 0.05%.
For more details on platform fees, check the full details here.
BitYard has average reviews on independent review sites such as Trust Pilot.
The platform offers a good FAQ guide to assist users who may encounter problems so that they can have speedy resolutions. Their support team can also be reached via email at support@bityard.exchange.Source: https://www.trustpilot.com/review/www.bityard.com
Originally posted on Decentralised News
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